It has been a more challenging year than expected but H2 will be much better than H1, says Tata Steel MD TV Narendran
High energy prices in Europe have hit mid-sized and smaller companies and, as a result, steel consumption, according to TV Narendran, MD, Tata Steel. Inflation persists, with central banks increasing rates. However, while the first quarter saw Tata Steel's consolidated net profit fall by 92% YoY to INR634 crore, Narendran believes that Q2 will be better, with China seeming to recover on the back of auto sales and construction growth.
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